Lehman Brothers swirling the drain

[mark500]

Lehman Brothers is about to file Chapter 7.
Merrill Lynch is having trouble, and may be bought by BOA.
Does BOA have much of a capital cushion?

 

[Sue J]

CNBC is having a Lehman Brothers special tonight at 8PM Eastern.

 

[Dawg52]

Lehman Brothers is about to file Chapter 7.

I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?

 

[Notmuchlonger]

I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?

Dont go into the light Dawg...

 

[Dawg52]

Dont go into the light Dawg...

I won't. I got a case of bud light iced down by my bed for tomorrow. Blinds are closed so I won't see any light. Hopefully I can find my way to the bathroom without stumping my big toe.

 

[W2R]

I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?

What's the harm? If the market goes way down, then it was the right thing to do. If the market goes up, you're not going to be late for not-working.

ER sounds SO nice at this time on a Sunday evening, when I am starting to get back in the right mentality to show up for work in the morning, setting out what I plan to wear, thinking about what to pack for lunch.

 

[haha]

I won't. I got a case of bud light iced down by my bed for tomorrow. Blinds are closed so I won't see any light. Hopefully I can find my way to the bathroom without stumping my big toe.

For a minute I thought you said "Blonds are close". Could you shoot for that instead?

Ha

 

[Purron]

I'm reading that it could happen by midnight tonight. Bogleheads predicting a black Monday tomorrow. Should I just sleep through tomorrow?

Between Hurricane Ike doing so much damage and Lehman, I don't expect a happy market tomorrow. IMO, we will have a big drop right off the bat then some fluctuations when cooler heads prevail later in the day. Keep those cubbers over your head Dawg52 and repeat to yourself "a down market is not the time to sell" as often as necessary.

 

[W2R]

Between Hurricane Ike doing so much damage and Lehman, I don't expect a happy market tomorrow. IMO, we will have a big drop right off the bat then some fluctuations when cooler heads prevail later in the day.

I think you are right.

It's hard to believe that Lehman Brothers is actually filing for bankruptcy. Futures are -269.00 for the Dow right now. OK, I should stop watching CNBC, I know.

 

[Dawg52]

For a minute I thought you said "Blonds are close". Could you shoot for that instead?

Ha

The only blond in my house is my buddy. And no, she won't be in my bed.

 

[copyright1997reloaded]

I think you are right.

It's hard to believe that Lehman Brothers is actually filing for bankruptcy. Futures are -269.00 for the Dow right now. OK, I should stop watching CNBC, I know.

If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)

 

[harley]

The guy 2 houses down from me is a Senior VP at Lehman. He's a really nice guy, 2 young kids and all. Hope he lands on his feet. I think the upper level guys usually do.

 

[W2R]

If we end up -269 tomorrow, I would consider that a great success. (Compared to where we could be.)

You're right! Now they are saying -318. Who knows what they will say by morning.

 

[Dawg52]

The guy 2 houses down from me is a Senior VP at Lehman. He's a really nice guy, 2 young kids and all. Hope he lands on his feet. I think the upper level guys usually do.

Hope he doesn't have a lot of his retirement in their stock. Pretty much worthless now.

 

[harley]

Me too. You'd think people would have learned from Enron. I think he's smarter than that. As a matter of fact, I think he used to work for Worldcom, so he would have been through this before.

 

[REWahoo]

Me too. You'd think people would have learned from Enron. I think he's smarter than that. As a matter of fact, I think he used to work for Worldcom, so he would have been through this before.

Let us know where he goes next so we can get out early...

 

[harley]

Really. Maybe he should be thinking FIRE about now.

 

[Calgary_Girl]

A friend of ours works for an energy company that's owned by Lehman's. He tried to get DH a job with the same company up here in Calgary. Boy, I'm REALLY glad that job didn't pan out!!!

 

[laurence]

Just announced Chapter 11.

Why the #%^@ does this always happen right after my Friday payday after my 401k deposit goes through

 

[haha]

Just announced Chapter 11.

Why the #%^@ does this always happen right after my Friday payday after my 401k deposit goes through

Because Yahweh is displeased. Where do you see that they have already filed? CNBC says they plan to file. Same story at WSJ and NYT, at least until a few minutes ago.

It may matter too:

Bank of America sent a note to derivatives traders Sunday saying "Banks, brokers started netting Lehman trades from 2 p.m. today … trades netted are contingent on Lehman bankruptcy by midnight." The note continued "If no Lehman bankruptcy, netting of trades to be cancelled," meaning Bank of America's assumption of Lehman’s side of trades would end.


Ha

 

[laurence]

For real 'do.

Plus AIG, plus the ad hoc "plunge protection team" pooling 70 billion to keep the market running, and M. Lynch....I'm not looking at my account balances for six months.

 

[Zathras]

It happens on the weekends because the fed and major banks don't want the knee-jerk panic reaction during the week.
They want to give people a little time to absorb and process the info before the markets are open.
I just hope I have enough popcorn on hand for the show

 

[Purron]

Because Yahweh is displeased. Where do you see that they have already filed? CNBC says they plan to file. Same story at WSJ and NYT, at least until a few minutes ago.

It may matter too:

Bank of America sent a note to derivatives traders Sunday saying "Banks, brokers started netting Lehman trades from 2 p.m. today … trades netted are contingent on Lehman bankruptcy by midnight." The note continued "If no Lehman bankruptcy, netting of trades to be cancelled," meaning Bank of America's assumption of Lehman’s side of trades would end.

Ha

Lehman is filing for bankruptcy: CNNMoney.com Pre-Market Report - Sep. 15, 2008

Dow down 406 as of now in premarket:
Pre-Market: Stock Trading Before the Markets Open from CNNMoney.com

Hang on to your hats everyone

 

[W2R]

Lehman is filing for bankruptcy: CNNMoney.com Pre-Market Report - Sep. 15, 2008

Dow down 406 as of now in premarket:
Pre-Market: Stock Trading Before the Markets Open from CNNMoney.com

Hang on to your hats everyone

Should be an interesting day, in some sense of the word.

This morning I just bought another substantial chunk of VTSAX (Vanguard Total Stock Market Index) and VFWIX (Vanguard FTSE All-World Ex-US Index), as I have been doing once a month. These choices and the timing were just according to my plan and not selected specifically for the market events we will be observing today. With any luck, maybe what we will have is a blue-light special by closing this afternoon, when I expect this purchase to go through.

On the other hand, if this is just the beginning of our market difficulties, I might wish that I had waited! I generally do better if I don't try to time the market, though.

 

[REWahoo]

One of those days:

Those in the accumulation phase lick their chops while those in the 'decumulation' phase lick their wounds.